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"Leaning against the wind" and the timing of monetary policy

Author: Itai Agur; Maria Demertzis; IMF-Singapore Regional Training Institute,
Publisher: Washington, D.C. : International Monetary Fund, Singapore Regional Training Institute, 2013.
Series: IMF working paper, WP/13/86.
Edition/Format:   eBook : Document : International government publication : EnglishView all editions and formats
Database:WorldCat
Summary:
"If monetary policy is to aim also at financial stability, how would it change? To analyze this question, this paper develops a general-form framework. Financial stability objectives are shown to make monetary policy more aggressive: in reaction to negative shocks, cuts are deeper but shorter-lived than otherwise. By keeping cuts brief, monetary policy tightens as soon as bank risk appetite heats up. Within this  Read more...
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Genre/Form: Electronic books
Material Type: Document, Government publication, International government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Itai Agur; Maria Demertzis; IMF-Singapore Regional Training Institute,
ISBN: 9781484394571 1484394577
OCLC Number: 835894863
Notes: Title from PDF title page (IMF Web site, viewed Apr. 29, 2013).
"April 2013."
Description: 1 online resource (29 pages).
Series Title: IMF working paper, WP/13/86.
Responsibility: prepared by Itai Agur and Maria Demertzis.

Abstract:

"If monetary policy is to aim also at financial stability, how would it change? To analyze this question, this paper develops a general-form framework. Financial stability objectives are shown to make monetary policy more aggressive: in reaction to negative shocks, cuts are deeper but shorter-lived than otherwise. By keeping cuts brief, monetary policy tightens as soon as bank risk appetite heats up. Within this shorter time span, cuts must then be deeper than otherwise to also achieve standard objectives. Finally, they analyze how robust this result is to the presence of a bank regulatory tool, and provide a parameterized example."--Abstract.

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